Illinois § 7008
Full text of Illinois Illinois Compiled Statutes § 7008, with citation guidance and answers to common questions.
§ 7008.
Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463). (b) If authorized by its board of directors, a savings bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A savings bank shall not conduct a savings promotion raffle in a manner that jeopardizes the savings bank's safety and soundness or misleads its customers. (c) The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section. (d) A savings bank shall maintain records sufficient to facilitate an audit of the savings promotion raffle. (Source: P.A. 99-149, eff. 1-1-16.)
Frequently Asked Questions About Illinois § 7008
What does Illinois Compiled Statutes § 7008 cover?
Section 7008 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 7008?
A common citation format is "Illinois Compiled Statutes § 7008" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 7008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.